Needham & Company LLC Reaffirms “Hold” Rating for Medtronic (NYSE:MDT)

Needham & Company LLC restated their hold rating on shares of Medtronic (NYSE:MDT) in a report issued on Friday morning, Benzinga reports.

Several other equities analysts also recently weighed in on MDT. Royal Bank of Canada reaffirmed a sector perform rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, February 21st. Oppenheimer boosted their price objective on Medtronic from $89.00 to $92.00 and gave the stock a market perform rating in a research report on Wednesday, February 21st. Truist Financial boosted their price objective on Medtronic from $87.00 to $90.00 and gave the stock a hold rating in a research report on Wednesday, February 21st. Finally, Mizuho boosted their price objective on Medtronic from $95.00 to $98.00 and gave the stock a buy rating in a research report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $94.00.

Medtronic Stock Up 1.1 %

Shares of MDT opened at $82.29 on Friday. The firm has a market cap of $109.27 billion, a P/E ratio of 29.92, a price-to-earnings-growth ratio of 2.68 and a beta of 0.78. Medtronic has a 12-month low of $68.84 and a 12-month high of $91.00. The company’s 50-day moving average price is $82.81 and its 200 day moving average price is $82.83. The company has a current ratio of 2.03, a quick ratio of 1.71 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. The firm had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. Medtronic’s revenue was up .5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.57 EPS. On average, sell-side analysts forecast that Medtronic will post 5.45 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.70 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.40%. Medtronic’s payout ratio is 100.36%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in Medtronic during the 4th quarter worth approximately $1,229,726,000. First Eagle Investment Management LLC increased its holdings in Medtronic by 54.5% during the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after purchasing an additional 3,320,800 shares during the last quarter. Pzena Investment Management LLC increased its holdings in Medtronic by 112.8% during the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after purchasing an additional 3,037,394 shares during the last quarter. M&G Plc purchased a new stake in Medtronic during the 1st quarter worth approximately $259,160,000. Finally, Capital Research Global Investors increased its holdings in Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.